VINACHEM

The country’s State budget revenues last year met only 95% of the target if crude oil was not taken into account, said the General Department of Tax.

The budget revenues with crude oil included was 4.5% higher than last year’s estimate and rose 12.3% versus 2011.

This growth rate was lower than the target. However, speaking at a review conference in Hanoi last week, Nguyen Van Nam, general director of the General Department of Tax, said 2012 was a tough year, so what was done was already an achievement.

A report of the department showed that crude oil revenue was estimated at over VND140 trillion, 61% higher than last year’s target and up 27% against 2011.

Domestic revenue was expected at nearly VND468 trillion, 5% lower than target. If land use fee was taken out, the figure was VND422.5 trillion, 8% lower than the target and up 11% year-on-year.

Notably, revenues from the corporate sector failed to meet targets and posted modest growth rates compared to the same period of last year.

The State-owned business sector saw over VND144 trillion collected, or VND11 trillion lower than projected. The foreign-invested sector collected nearly VND83 trillion, or VND8 trillion lower than the target.

These figures suggested that local businesses struggled with hefty challenges last year.

Land use fee collections shot up to VND45 trillion against last year’s target of VND37 trillion.

Some six out of 14 kinds of incomings and tax met or surpassed last year’s targets while 48 out of 63 localities were expected to meet or beat their targets.

This year, the tax authority targets a budget collection of VND644.5 trillion, including VND99 trillion from crude oil and VND545.5 trillion from the domestic economy.